In relief rally, bitcoin jumps more than 20% from June low

Bitcoin quickly bounced back from the lows of June, amid improved sentiment about the future of the digital currency.

Bitcoin traded higher Saturday near $2,680, up more than 20 percent from a June low of $2,185.96 hit Thursday that had erased gains for the month, according to CoinDesk.

Worries about overexuberance in digital currencies overall and heated debate among developers about how to upgrade bitcoin’s technology weighed on its price.

“A proposal was accepted to merge the two upgrade methods, making them compatible,” Brian Kelly, a CNBC contributor and founder of BKCM, which runs a digital assets strategy, said Friday. “So we have seen a relief rally on this progress.”

Kelly added that the latest development “reduces the threat of a coin split, but we are not out of the woods yet. The miners still need to agree to this merged upgrade.”